Commercial Construction Market Improving - 8 News NOW

Commercial Construction Market Improving

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Tivoli Village October 2013 Tivoli Village October 2013

LAS VEGAS -- The predictions are out and 2014 looks like a promising year for commercial construction in Las Vegas.

2013 saw a number of groundbreakings, and the new year may bring even more. Experts say hot spots like the area in and around Summerlin, and also Green Valley, have seen less vacancies and more restaurants, offices and shops.

Some business leaders say the slow and steady growth in commercial construction is a turning point for the whole Las Vegas economy.

Leaders of CBRE, a major real estate investment firm, say no income tax, an abundant workforce, and an improving economy are propelling many big projects in the valley.

"In good locations, space is starting to get a little scarce, in inner city there is still a high vacancy rate," Senior Vice-President of CBRE Office Properties Randy Broadhead said.

An example of that is the expanding Tivoli Village shopping and dining center. Agnes Aleksander's The Crepe is one of the many new restaurants and shops that opened at Tivoli Village in 2013.

"The crepe is a French name for a wrap, a crisp. Every country, every region has a form of a simple food that carries flavors," Aleksander said.

She says the area around Summerlin is primed for the opening of new businesses and is excited for Tivoli Village's second phase.

"I know what me opening a business means to about ten people, and I think if you multiply to every single shop or retail shop or salon," Aleksander said.

The shopping center is adding nearly 300,000 square feet for restaurants, stores, and offices.

Just down the road from Tivoli Village in Summerlin, cranes are moving.

The Howard Hughes Corporation plans to finish the Shops at Summerlin by the end of this year. The site includes 106 acres of commerce, including One Summerlin, which is eight floors of office space.

"What you see now though is investments by large corporations such as this one. The Shops at Summerlin that indicates people are once again betting on Las Vegas," Senior Vice-President of Howard Hughes Corp. Tom Warden said.

Aleksander says opening a restaurant is about timing and finding the perfect place.

"We walked through Tivoli, and we saw a perfect spot that kind of brings us New York, San Francisco and the feel of Europe," she said.

Warden says he has seen more investors coming into the Shops at Summerlin as construction goes continues.

He says investors previously on the side lines are more willing to put money into projects as they see the building go up.

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